Audit Highlights
The following are highlights of our work during the April 1, 2024–September 30, 2024, semiannual reporting period.
The Board's Embargo Application
The Board can strengthen access and configuration management controls for its embargo application, which allows authorized members of the media to access documents that are not yet posted to the Board's public website.
The CFPB's Examiner Commissioning Program
The CFPB can make its commissioning program more consistent in terms of opportunities, mentoring, and other support for examiners; provide examiners specific, actionable feedback; and formalize an approach for diversifying assessment panels.
Federal Information Security Program Trends Across the Federal Government
Only 60 percent of federal government agencies have an effective information security program. More actions are needed to ensure agencies' information security programs can deal with cybersecurity threats effectively.
The CFPB's Surplus Civil Penalty Funds Allocation and Contractor Payments to Victims
The CFPB's process for allocating Civil Penalty Fund (CPF) monies prioritizes victim compensation over consumer education and financial literacy programs, and the CFPB provided effective oversight of contractors, ensuring that eligible victims received accurate payments.
The CFPB's Contractor Overbilling
Of the $56.4 million of labor hour costs we evaluated, $2.3 million could not be reconciled with supporting documentation.
Paycheck Protection Program Liquidity Facility Administration
The Federal Reserve Bank of Minneapolis (FRB Minneapolis), which administers the Paycheck Protection Program Liquidity Facility (PPPLF), followed its risk management process for at-risk, unresolved, and potentially fraudulent collateral used to back PPPLF loans, but measures to address nonpayment were not fully developed.
Diversity, Equity, and Inclusion in the Board's Hiring Process
The Board's applicant pool became less diverse in the latter stages of the hiring cycle, but the agency can mitigate this challenge by issuing guidance and policies to promote leading hiring practices.
